S.T.I.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
S.T.I.
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €2.0m-€442,532
Equity
€12.4m
2024 · €10.9m+€1.5m
Cash
€227,617
2024 · €173,883+€53,734
Balance sheet total
€14.4m
2024 · €12.7m+€1.7m
Largest movements
Assets
- Current investments +€1.6m
up €1.6m (+14.0%), from €11.4m to €13.0m
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+16.6%), from €9.3m to €10.8m
of which Distributable reserves: +€1.5m
Income statement
- Financial charges +€458,669
up €458,669, from -€211,043 to €247,625
of which Financial charges: +€458,669
- Depreciation +€83,147
up €83,147 (+2,555%), from €3,254 to €86,402
- Financial income +€65,517
up €65,517 (+3.3%), from €2.0m to €2.1m
- Gross operating margin +€19,159
up €19,159 (+21.5%), from €88,981 to €108,140
- Taxes -€18,151
down €18,151 (-7.4%), from €246,860 to €228,710
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€2.0m
Gross operating margin
+€19,159
Depreciation
-€83,147
Other operating charges
+€2,106
Other operating items
-€6,158
Financial income
+€65,517
Financial charges
-€458,669
Taxes
+€18,151
Deferred taxes and other
+€509
Result 2025
€1.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.7m
Investment
-€1.6m
Financing
-€45,000
Cash 2024
€173,883
From operations (derived)
+€1.7m
Net result for the year
+€1.6m
Depreciation
+€86,402
Receivables after one year
-€7,500
Receivables within one year
-€115,486
Deferred charges and accrued income
-€15,281
Smaller working-capital items
-€1,796
Trade debts
+€37,717
Tax, wage and social debts
+€115,933
Other debts
+€45,000
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€31,789
Current investments
-€1.6m
Financing
-€45,000
Contributions, distributions and other
-€45,000
Cash 2025
€227,617
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,683,816 | €14,422,096 | +€1.7m | +13.7% |
| Fixed assets | 21/28 | €570,147 | €515,535 | -€54,612 | -9.6% |
| Tangible fixed assets | 22/27 | €570,147 | €515,535 | -€54,612 | -9.6% |
| Land and buildings | 22 | €27,662 | €509,896 | +€482,234 | +1,743% |
| Plant, machinery and equipment | 23 | €13,635 | €5,639 | -€7,996 | -58.6% |
| Assets under construction and advance payments | 27 | €528,850 | €0 | -€528,850 | -100% |
| Current assets | 29/58 | €12,113,669 | €13,906,561 | +€1.8m | +14.8% |
| Amounts receivable after more than one year | 29 | €219,000 | €226,500 | +€7,500 | +3.4% |
| Other amounts receivable | 291 | €219,000 | €226,500 | +€7,500 | +3.4% |
| Amounts receivable within one year | 40/41 | €272,428 | €387,914 | +€115,486 | +42.4% |
| Trade receivables | 40 | €30,279 | €67,379 | +€37,100 | +123% |
| Other amounts receivable | 41 | €242,149 | €320,534 | +€78,386 | +32.4% |
| Current investments | 50/53 | €11,414,156 | €13,015,047 | +€1.6m | +14.0% |
| Cash at bank and in hand | 54/58 | €173,883 | €227,617 | +€53,734 | +30.9% |
| Deferred charges and accrued income | 490/1 | €34,202 | €49,483 | +€15,281 | +44.7% |
| Total equity and liabilities | 10/49 | €12,683,816 | €14,422,096 | +€1.7m | +13.7% |
| Equity | 10/15 | €10,890,721 | €12,432,146 | +€1.5m | +14.2% |
| Contributions | 10/11 | €1,623,500 | €1,623,500 | = | 0.0% |
| Capital | 10 | €1,623,500 | €1,623,500 | = | 0.0% |
| Issued capital | 100 | €1,623,500 | €1,623,500 | = | 0.0% |
| Reserves | 13 | €9,267,221 | €10,808,646 | +€1.5m | +16.6% |
| Non-distributable reserves | 130/1 | €162,350 | €162,350 | = | 0.0% |
| Legal reserve | 130 | €162,350 | €162,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,254 | €1,638 | -€2,616 | -61.5% |
| Distributable reserves | 133 | €9,100,617 | €10,644,658 | +€1.5m | +17.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €1,418 | €546 | -€872 | -61.5% |
| Deferred taxes | 168 | €1,418 | €546 | -€872 | -61.5% |
| Amounts payable | 17/49 | €1,791,677 | €1,989,404 | +€197,726 | +11.0% |
| Amounts payable within one year | 42/48 | €1,785,462 | €1,984,113 | +€198,650 | +11.1% |
| Financial debts | 43 | €1,500,000 | €1,500,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,500,000 | €1,500,000 | = | 0.0% |
| Trade debts | 44 | €4,071 | €41,788 | +€37,717 | +927% |
| Suppliers | 440/4 | €4,071 | €41,788 | +€37,717 | +927% |
| Taxes, remuneration and social security | 45 | €251,006 | €366,939 | +€115,933 | +46.2% |
| Taxes | 450/3 | €251,006 | €366,939 | +€115,933 | +46.2% |
| Other amounts payable | 47/48 | €30,386 | €75,386 | +€45,000 | +148% |
| Accrued charges and deferred income | 492/3 | €6,215 | €5,291 | -€924 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,254 | €86,402 | +€83,147 | +2,555% |
| Other operating charges | 640/8 | €17,643 | €15,537 | -€2,106 | -11.9% |
| Non-recurring operating charges | 66A | - | €6,158 | +€6,158 | |
| Gross operating margin | 9900 | €88,981 | €108,140 | +€19,159 | +21.5% |
| Operating profit (loss) | 9901 | €68,084 | €44 | -€68,040 | -99.9% |
| Financial income | 75/76B | €1,996,328 | €2,061,845 | +€65,517 | +3.3% |
| Recurring financial income | 75 | €1,996,328 | €2,061,845 | +€65,517 | +3.3% |
| Financial charges | 65/66B | -€211,043 | €247,625 | +€458,669 | |
| Recurring financial charges | 65 | -€211,043 | €247,625 | +€458,669 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €2,275,455 | €1,814,263 | -€461,192 | -20.3% |
| Transfer from deferred taxes | 780 | €363 | €872 | +€509 | +140% |
| Income taxes | 67/77 | €246,860 | €228,710 | -€18,151 | -7.4% |
| Profit (loss) for the period | 9904 | €2,028,958 | €1,586,425 | -€442,532 | -21.8% |
| Transfer from tax-exempt reserves | 789 | €1,090 | €2,616 | +€1,526 | +140% |
| Profit (loss) for the period to be appropriated | 9905 | €2,030,048 | €1,589,041 | -€441,007 | -21.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.